Schools Can Affect Home Values
Everyone knows that saying when it comes to buying a house “location, location, location.” No matter how gorgeous the landscaping is, how open the layout or how modern the kitchen is, the value of a property usually boils down to location. Here location refers to the school district.
Especially given the increase of first time home buyers (a.k.a. growing families) in the market, the school districts is a pretty important search criterion. As such, school districts do affect property values. A school known for good educational programs, great test scores, good sports programs etc. will attract buyers who will want their (current or future) child(ren) to attend. This kind of demand will help drive up property values within that school district or vice-versa if a house is in a district where people are cautious of sending their children.
I remember when I was purchasing my first home. My realtor felt very strongly that even though the house we were looking at had been completely gutted and redone, we could find a better home in a better school district. Do I have kids? No… but I needed to be aware for re-sale! So no matter what school district you live in, remember that re-sale is another factor to consider for the future.
Expensive schools are being built in many places, including New York and New Jersey, which will undoubtedly affect home values in the surrounding areas. What are your thoughts? Do agree that a school district can or should affect home values? Would love to get your feedback!